I found a solution to this problem in the "Excel Printing" forum:

StartSettingsPrinters(right-click, properties)Advanced
Change the print driver, Click "OK"
Check the print preview in Excel
The first alternate driver I tried worked for me. I can't believe I didn't
think of this on my own... ;)

"eagle7" wrote:

I have the same problem in Excel 2002. I tried the same things you tried
with no results. I even tried changing the printer and that didn't work
either. If I get the answer I will post it.

"NKT" wrote:

In print preview, and on printed pages, all colored font shows up as black.
White font stays white. Font colors are displayed correctly in the worksheet.

I have already tried the following:
- uncheck "black and white" in page setup
- change printer resolution, etc.
- creating a new workbook, typing some sample text and changing the color:
the problem is not confined to one workbook.
- gray cell shading prints as gray: the problem is confined to fonts.
- colored font in Word previews and prints as displayed: the problem is
confined to Excel.
- Excel help files, online help, etc.

Thanks in advance for any help.